Sunday, March 1, 2009

Objectives for Obama: Part 1

President Obama has been in office for a bit more than a month, and he has been getting quite a bit done. One tidbit that I heard is that at his sit down dinners with wife Michelle and daughters Sasha and Malia, each person at the dinner table talks about the "roses" of their day, being good things, and "thorns," being of course bad things. Its great that Obama has time to eat a family dinner each night, given how much there is for him to do.
One topic the blogosphere is abuzz with is that Obama should have someone investigating the various contributors of the housing/credit crisis for securities and ethics violations. So far, the Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin were indicted on charges of conspiracy, securities fraud, and wire fraud. Mr. Cioffi was also charged with insider trading. http://www.nysun.com/business/us-sees-crime-in-the-credit-crisis/80408/
The indictment happened almost a year ago. The Madoff matter has had the SEC on the defense since last November, since he surrendered to them, and whistler blower Harry Markopolos has been telling the SEC that Madoff was a fraud since 1999 without anyone at the agency taking sufficient action to unearth the fraud over the past 9 years.
http://www.msnbc.msn.com/id/28310980/
What I would be interested in would be an investigation into what the CEOs/CFOs/COOs of AIG, Wachovia, Countrywide, Merrill Lynch, Lehman Brothers, Citigroup, and Bear Stearns were doing with their own portfolios of their company's stock and options while they were going on CNBC reassuring investors their firms were well capitalized with nothing to worry about, when that couldn't have been farther from the truth. (Each situation has differnt details, but the overall ongoings were similar.) Although the fate of each firm and CEO is different, were the CEOs selling or speeding up the sales of their stock along the way during their reassurance proclamations? (This reminds me of the Joe Nacchio situation.) Since most of that info is public, I would be surprised if any of that had gone on and it not been unearthed by the fabulous CNBC reporters by now. Yet it wouldn't surprise me if someone who knew what they were looking for were able to dig something along the lines of this up. Does Obama have this on his "To Do" list?

2 comments:

Anonymous said...

You should really watch this documentary about Obama:

http://video.google.com/videoplay?docid=6223232123104914517

Anonymous said...

Obama video